My company started in 1992 from UK. Later in early 2000 expanded to US and around 2005 they started expanding in SE Asia. Revenues were diversified. Estimated staff strength will be close to 400 across geographies. This excludes Fieldwork Agents. Generally we outsource Fieldwork (Survey Data Collection) to other agencies.

50% upfront and 50% at the completion of project is industry standard. In some cases, especially Government contracts it becomes 100% after completion. Companies recognise 50% revenue at the beginning of project. However actual cash comes late. Timelines are pretty tight in this industry. If you win a project, report has to be churned out very fast. If you wait for cash, you will not be able to meet deadlines. That is why receivables seem high.

If I understand correctly, 50% of the amount is billed at the start of the project and due to tight timelines project is delivered even when customer has not actually paid even the advance although the bill is sent and revenue is recognized. remaining 50% is billed only after the completion of the project (and not based on the the percentage of completion). So it is possible that entire 100% becomes receivables for short projects?

Sir..clearly there is some gap between our understanding of this space.As per me, the biggies are not offering the same tech based MR due to various constraints. Hence the q of price wars doesnt exist.

I have seen that confusion in above discussion. I would like to clear out a few things:

Biggies do offer Tech Based MR. Thing is they are so big in traditional MR so that they do not differentiate on Tech Based MR.

Tech Based MR offerings by MRSS are very basic. I mean really basic. The method shown in annual report are completely outdated. My own company has stopped using some of these methods and have launched new products based on further innovation.

IF you want to know more please search about Implicit/ Neuroscience MR techniques and compare with MRSS offerings